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Credit repair

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What are my rights if I do hire a credit repair agency?

There are rules that credit repair agencies must follow. And you have rights if you decide to hire a credit repair agency.

A credit repair agency cannot ask you to pay them before they do anything for you. If you have paid them a fee in advance, you can ask for your money back. The agency must give your money back within 15 days.

A credit repair agency cannot charge any fee at all unless their services result in a real improvement to your credit report.

An agency cannot promise that they can improve your credit report until they have actually read it.

When you hire a credit repair agency, they must give you a copy of your written agreement.

You have the right to cancel the agreement within 10 days. You do not have to give any reason to cancel and you do not have to do it in writing. But it is best to cancel in writing or in some other way that shows when you cancelled it.

The agreement must include:

  • your name
  • the agency's name, address, and telephone number
  • a list of the services they will give you
  • the date by which your credit report will be improved
  • the total amount you must pay
  • how you must pay and when
  • a statement of your rights including the right to cancel within 10 days

If the credit repair agency does not give you a copy of the agreement, you can cancel at any time within one year of the date you agreed to hire them. You must do this in writing.

If you cancel the agreement, the agency must give you back any money you paid them.